Canola Down with Soy Complex, Prairie Rains

May 21, 2021

Canola futures ended weaker on Thursday, with the nearby July contract down its $30/tonne daily limit and more modest declines in the more deferred months.

Traders bailing out of long positions accounted for the selling pressure in July, with most of the commercial attention now on the new-crop contracts. Domestic crushers and line companies are generally pricing off of the November contract, for both old- and new-crop business, due to the volatility in July.

Losses in the Chicago Board of Trade soy complex and strength in the Canadian dollar contributed to the declines in canola. Widespread rains across Western Canada were also bearish for values. However, more precipitation will be needed going forward, with canola still looking relatively cheap given the tight supplies and solid demand projections.

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Video: Evolution of Beef Cattle Farming

The Clear Conversations podcast took to the road for a special episode recorded in Nashville during CattleCon, bringing listeners straight into the heart of the cattle industry. Host Tracy Sellers welcomed rancher Steve Wooten of Beatty Canyon Ranch in Colorado for a wide-ranging discussion that blended family history and sustainability, particularly as it relates to the future of beef production.

Sustainability emerged as a central theme of the conversation, a word that Wooten acknowledges can mean very different things depending on who you ask. For him, sustainability starts with the soil. Healthy soil produces healthy grass, which supports efficient cattle capable of producing year after year with minimal external inputs. It’s an approach that equally considers vegetation, animal efficiency, and long-term profitability.

That philosophy aligned naturally with Wooten’s involvement in the U.S. Roundtable for Sustainable Beef, where he served as a representative for the Colorado Cattlemen’s Association. The roundtable brings together the entire beef supply chain—from producers to retailers—along with universities, NGOs, and allied industries. Its goal is not regulation, Wooten emphasized, but collaboration, shared learning, and continuous improvement.